He shows that when trade takes place in Walrasian markets, counterfeits circulate and the Friedman rule is still optimal.
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Working Paper
Comment on Cavalcanti and Nosal’s "Counterfeiting as Private Money in Mechanism Design"
September 2010
WP 10-29 – In this comment, the author extends Cavalcanti and Nosal's (2010) framework to include the case of perfectly divisible money and unrestricted money holdings.
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